Open Banking is coming
A secure and easy way to share your data.
Now that’s Banking that’s good for you.
Australian Unity is committed to Open Banking. We are prioritising the delivery of data sharing via a phased roll-out and we will keep you regularly updated via this website.
What is Open Banking?
Open Banking is part of the Consumer Data Right regime which the Federal Government has introduced to allow all customers, both individuals and businesses to access and securely share their individual customer, account and transaction data information held by their banking institutions with Australian Competition and Consumer Commission (ACCC) accredited banking institutions
Open Banking will give you greater control and access to your account information held at Australian Unity Bank. This means that you will soon be able to direct Australian Unity to share your banking information (known as “consumer data”) with ACCC authorised recipients securely online.
If you’re reviewing your existing banking arrangement or looking to switch some or all of your banking to another bank, Open Banking is intended to make this easier. Rather than having to collate banking histories, statements, and complete detailed transaction information you will be able to authorise your existing bank to share your information with another bank who you have specifically approached and authorised to offer you banking services.
Product information is now available
Information about our savings, transactions, term deposits, credit card, home and personal loan products including features, eligibility, rates and fees is available now available via our dedicated product API portal.
Customer account data
And coming soon Australian Unity customers will start getting access to share their account data with other banking institutions through Open Banking, starting with information about themselves and their savings, transactions, term deposit and credit card accounts. Australian Unity is committed to prioritising and delivering data-sharing via a phased roll-out and we will keep you regularly updated.
When can I use Open Banking?
Open Banking is being rolled out progressively across the banking industry. In line with other non-major banks at Australian Unity Bank you can now find out generic information about certain types of available products. This allows you to compare the products available across the banking industry in a simple and standardised way. Information specifically about your accounts and banking arrangement will not be available until a later stage.
Non-major banks such as Australian Unity Bank will be progressively required to provide specific information about its customers upon request by you, the customer. Banks such as Australian Unity Bank will also be able to obtain accreditation to enable it to receive information about a customer’s banking relationship from another bank at the request of a consumer interested in becoming a new customer of that bank.
Benefits of Open Banking
Beyond having greater control of your banking data, Open Banking may change the way in which you compare and select services between organisations to better suit your situation.
Advantages are:
personalised to your situation
financial products
switching providers
finances across multiple banks
competition in the banking sector
Are you a developer?
You can access Australian Unity’s product data via the links below using the necessary parameters:
If you’d like to discuss your current banking arrangement with Australian Unity, please contact us on 1300 790 740, Monday-Friday 8.30am-5.30pm AEST.
Open Banking frequently asked questions
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Whether it’s understanding terminology, you’re looking to apply or you have a question about your account we can help you with all your banking questions.
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All loans and deposit products are issued by Australian Unity Bank Limited ABN 30 087 652 079 AFSL/Australian Credit Licence No. 237994
©Products and Services are issued by Australian Unity Limited ABN 23 087 648 888 and its subsidiaries Australian Unity Bank Limited ABN 30 087 652 079 AFSL/Australian Credit Licence No. 237994. Information provided is general information only and current at the time of publication and does not take into account your objectives, financial situation or needs. In deciding whether to acquire, hold or dispose of the products or service you should obtain a copy of the relevant Product Disclosure Statement (PDS) and Financial Services Guides and consider whether the products are appropriate for you. Copies are available at www.australianunity.com.au or by calling 13 29 39. Investment decisions should not be made upon the basis of past performance as this is not a reliable indication of future performance.
Any tax information provided here and in any disclosure documents is general in nature and is only intended to provide a guide on how tax may affect investors. Tax laws may change in the future and may affect an investor’s tax position. Investors should seek independent tax advice relevant to their particular circumstances.